As a realtor, it can be tempting to get finished with each client as quickly as possible. After all, they want to be in their new home anyway! But, there are good reasons for the protocols which are in place. You want your buyers to have a great experience with you and your agency. This can only happen if you know what steps are necessary!
Great inspectors do their job, which protects you. If not done properly, this can get both you and the inspector into trouble. Buyers need inspections for their financing, usually. Beyond that, however, they feel more confident when they know exactly what the inspector finds. It makes negotiations easier, and the buyer less likely to pull away at the last minute.
Lenders are actually legally required to get an appraisal before they can issue your loan. This appraisal is custom to the time and place of the home in question and involves several steps. The assessor will look at the last appraisals done, will map the home to detail square footage involved, and will do comparisons of other houses in the neighborhood. It’s important for buyers to be able to tell if the values in the area are going up, or if they are diminishing over time, as well. Real Estate is always about location, location, location, and your appraisal tells you, and them, a lot about this chosen location!
Title and Lien Search
From time to time a house is put on the market for sale and the seller does not, indeed, have the right to sell the home. Perhaps there is a tax lien on the property from unpaid back taxes. Basically, before you sell a house (or help your buyers purchase it) you want to make sure the seller absolutely has the full right to sell the property. The time to figure out that there’s a lien on a mortgage is not during closing, or after the property has changed hands. Do your homework and have the title researched thoroughly.
You want your buyers and seller to know they are in confident and competent hands, and to come back to your business the next time they are in need. Make sure you’ve done all the title research, gotten the home appraised, and had all inspections done. Confident buyers give great word of mouth for new clients!
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